SAE secures support to deliver another phase at the world leading MeyGen project

SAE is delighted to announce that it has successfully secured 4 Contracts for Difference (CfD) in the latest allocation round, for the world leading MeyGen site. These CfD contracts, which guarantees £198 (£/MWh), for 15 years from 31st March 2028 commissioning date, will allow SAE to deliver a total of c.22MW of clean, home-sourced, predictable power at its MeyGen site in Scotland.

SAE has been making good progress on the delivery of the 28MW secured in the AR4 round (July 2022) and the success in this round will help the project achieve greater economies of scale and address the significant cost increases faced by those successful in 2022.

By delivering these projects in parallel, SAE will be delivering a 50MW tidal stream array, in addition to the 6MW already operational at the MeyGen site. This is the equivalent of over 65,000 homes per annum being powered by the tide. To deliver these projects, SAE is in advance discussions with a consortium, involving global manufacturing and engineering firms, which will see the deployment of 3MW turbines. These turbines will be the most powerful tidal turbines ever deployed. SAE is working to ensure the project achieves the maximum benefit for the UK and Scotland, with the potential for a turbine manufacturing facility being established near the site.

This milestone has been achieved thanks to the huge support of the SAE shareholders, stakeholders, and project partners.

This is another important step for the project and the industry, but it is vital this progress is maintained. SAE looks forward to working with all stakeholders to ensure that the next auction round delivers greater scale and unlocks the full potential of both the MeyGen site and the wider industry.

For further information, please contact:

SAE Renewables
Sean Parsons, Director of External Affair
+44 (0)7739 832 446
Strand Hanson Limited (Nominated and Financial Adviser)
Richard Johnson
Rory Murphy
David Asquith
+44 (0)20 7409 3494
Zeus Capital Limited (Broker)
Louisa Waddell
Simon Johnson
+44 (0)20 3829 5000

Notes to Editors

SAE is a global developer, owner and operator of sustainable energy projects. SAE owns the world’s flagship tidal stream project, MeyGen. SAE is also the owner of the Uskmouth Power Station site that is being repurposed into a sustainable energy park, initially housing one of the UK's largest battery energy storage projects.